CMF launches travel loan for salary-earners
Oct 14, 2007
Commercial Micro Finance (CMF) and i Travel have launched a salary loan, ‘CMF i-Travel plan.’<br>The product aims at financing employees to go for local or international holidays.
By Alice Kiingi
Commercial Micro Finance (CMF) and i Travel have launched a salary loan, ‘CMF i-Travel plan.’
The product aims at financing employees to go for local or international holidays.
CMF is a financial institution, while i Travel is a tour and travel agency.
“The world is increasingly becoming a global village resulting into increased exposure expectations at many levels of society. The partnership with i Travel enables our customers enjoy holidays with financial ease and minimum hassle,†Goretti Masadde, the CMF head of retail and marketing, said.
Masadde said a client needs to choose a package from the travel agency and open up a personal savings account of not less than sh50,000.
“This means they pay 40% of the cost of the desired holiday package to i Travel and CMF pays the 60%. The CMF i-Travel plan is payable in installments within a maximum period of one year,†she explained.
Roy Magoba, the CMF credit manger, said: “The introduction stage of the product is extended to only salaried people to ensure that the loans will be paid. In future the package will roll out to other interested parties.â€
“This is an extension of an existing product that is the salary loan. It is another indication of CMF’s unending desire to deliver products that aim at improving the livelihoods of our clients,†Monday Edigold, the acting CMF chief executive officer said at the launch.
Alice Katiti, the i-Travel managing director, said: “This unique facility is the first of its kind on the Uganda market.â€
Commercial Micro Finance (CMF) and i Travel have launched a salary loan, ‘CMF i-Travel plan.’
The product aims at financing employees to go for local or international holidays.
CMF is a financial institution, while i Travel is a tour and travel agency.
“The world is increasingly becoming a global village resulting into increased exposure expectations at many levels of society. The partnership with i Travel enables our customers enjoy holidays with financial ease and minimum hassle,†Goretti Masadde, the CMF head of retail and marketing, said.
Masadde said a client needs to choose a package from the travel agency and open up a personal savings account of not less than sh50,000.
“This means they pay 40% of the cost of the desired holiday package to i Travel and CMF pays the 60%. The CMF i-Travel plan is payable in installments within a maximum period of one year,†she explained.
Roy Magoba, the CMF credit manger, said: “The introduction stage of the product is extended to only salaried people to ensure that the loans will be paid. In future the package will roll out to other interested parties.â€
“This is an extension of an existing product that is the salary loan. It is another indication of CMF’s unending desire to deliver products that aim at improving the livelihoods of our clients,†Monday Edigold, the acting CMF chief executive officer said at the launch.
Alice Katiti, the i-Travel managing director, said: “This unique facility is the first of its kind on the Uganda market.â€